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VA Loan Refinance in Miami Fort Lauderdale Florida

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VA Loan Refinance in Miami Fort Lauderdale Florida

How to Refinance in Miami Fort Lauderdale Florida a VA Loan: Step-by-Step Guide

VA Loan Refinance in Miami Fort Lauderdale Florida

VA Loan Refinance in Miami Fort Lauderdale Florida

Most people refinance in Miami Fort Lauderdale Florida a VA loan to get a lower interest rate and monthly payment, but those things alone are not enough to justify doing it. There’s the matter of timing. It makes no sense to refinance in Miami Fort Lauderdale Florida if you don’t plan on staying in the home long enough to recover associated costs. Nor does it make sense if you can’t get a lower interest rate. Assuming that timing and prevailing interest rates are not an issue, your first step should be to determine why you want to refinance in Miami Fort Lauderdale Florida your VA loan. VA Loan Refinance in miami

Step 1: Define Your Goal in Miami Fort Lauderdale Florida

Do you want to:

  • Lower your interest rate and monthly payment?
  • Convert an adjustable-rate mortgage (ARM) to one with a fixed rate?
  • Shorten the term of your existing VA loan?
  • Take out cash (equity) for home improvement, debt consolidation or another purpose?
  • Refinance in Miami Fort Lauderdale Florida a conventional or FHA loan to a VA loan?
  • Consolidate a first and second mortgage into one VA loan?
  • You may be able to achieve more than one goal with your refinance in Miami Fort Lauderdale Florida – lower interest rate plus cash out, for example – but you should still identify a single “most important” reason for wanting to refinance in Miami Fort Lauderdale Florida.

Step 2: Determine Which Refinance in Miami Fort Lauderdale Florida Program to Use

Once you have a refinancing goal in mind, the next step is to figure out which of two available VA refinance in Miami Fort Lauderdale Florida options will best help you achieve that goal. Your choices are an interest-rate–reduction refinance in Miami Fort Lauderdale Florida loan (IRRRL) or a cash-out refinance in Miami Fort Lauderdale Florida home loan.

The IRRRL (sometimes called a VA streamline refinance in Miami Fort Lauderdale Florida or VA-to-VA refinance in Miami Fort Lauderdale Florida) is specifically designed to simplify the process of refinancing an existing VA loan in order to get a lower interest rate and lower payment. You can also use an IRRRL to refinance in Miami Fort Lauderdale Florida an ARM into a fixed-rate loan or to shorten the term of an existing loan – for example, converting a 30-year loan into one lasting 15 years. VA Loan Refinance in miami

An IRRRL must result in a lower interest rate than you were paying on the loan that was refinanced in Miami Fort Lauderdale Florida. The only allowable exception is when refinancing an ARM to a fixed-rate loan. In that instance, the interest rate may go up. In most cases, an IRRRL will result in a lower monthly payment. Depending on the interest rate reduction, your payment may actually go up if you refinance in Miami Fort Lauderdale Florida a 30-year loan to 15 years. VA Loan Refinance in miami

Key features of an IRRRL include a lower interest rate and payment, reduced paperwork and lower closing costs. For more on IRRRL, go here. VA Loan Refinance in miami

As for your second option, the primary purpose of a cash-out refinance in Miami Fort Lauderdale Florida is to allow you to withdraw some of the equity you have built up in your existing VA home loan. You can use the money you take out for a home improvement project, paying off debt, going to school or another purpose.

The cash-out refinance in Miami Fort Lauderdale Florida option can also be used to refinance in Miami Fort Lauderdale Florida a conventional or FHA loan to a VA loan (assuming you are eligible for a VA loan). Depending on the lender, you can also use this option to combine a first and second mortgage into one VA loan. VA Loan Refinance in miami

Key features of a cash-out refinance in Miami Fort Lauderdale Florida include up to 100% financing and standard (capped) VA closing costs. Typically, cash-out refinance in Miami Fort Lauderdale Florida doesn’t provide reduced paperwork, which occurs with an IRRRL. For more on cash-out refinance in Miami Fort Lauderdale Florida, go here.

Step 3: Find a Lender in Miami Fort Lauderdale Florida

VA Loan Refinance in Miami Fort Lauderdale Florida

VA Loan Refinance in Miami Fort Lauderdale Florida

Once you know which VA refinance in Miami Fort Lauderdale Florida option fits your needs, it’s time to find a lender. Unfortunately, the VA does not provide much guidance when it comes to choosing a lender. It does publish a web page that includes quarterly lists of the top 300 VA lenders in various categories by volume. You do not have to use the lender who financed your original VA loan, but it makes sense to obtain that entity’s interest rate, loan costs, and available terms – especially if you have been happy with the lender to date. VA Loan Refinance in miami

You should compile a list of several VA-approved lenders to contact. (Lender websites will indicate if the lender is “VA approved.”) It’s worth noting that many lenders offer VA loans, but not all are VA approved. VA-approved lenders are more informed, offer more services and have more authority than other lenders. This can make approval of your refinance in Miami Fort Lauderdale Florida much smoother and avoid having your application turned down because the lender wasn’t aware of some obscure VA rule.

The best way to check rates, according to Military Times, is via a phone call. You could frame your query something like this: “I need a quote for a 30-year, fixed rate loan of $150,000, with no points. My credit is excellent. Please include your allowable VA fees.” Obviously, substitute your own pertinent info when checking. VA Loan Refinance in miami

Step 4: Submit Paperwork in Miami Fort Lauderdale Florida

From here on out your lender will provide guidance, though it is important to know what to expect. The next step involves submitting proper paperwork, depending on the type of VA refinance in Miami Fort Lauderdale Florida option you have chosen.

As noted above, the IRRRL features reduced paperwork requirements and lower closing costs. The cash-out refinance in Miami Fort Lauderdale Florida has more-typical VA requirements, similar to those of your original VA loan. This could include the need for an appraisal, credit and employment verification and other items. VA Loan Refinance in miami

If you are refinancing an FHA or conventional loan to a VA loan, you will need a certificate of eligibility. If you do not have one, your VA-approved lender can obtain that for you, or you can obtain it yourself. More information is available here. VA Loan Refinance in miami

Step 5: Closing in Miami Fort Lauderdale Florida

The closing is the final stage of the refinance in Miami Fort Lauderdale Florida process when papers are signed and your new loan takes effect. One part that deserves special mention is the VA funding fee. Almost all veterans pay a funding fee at closing. It is a percentage of the total loan amount and can be as high as 3.3% for certain borrowers.

In addition to the funding fee, other potential loan costs dealt with at closing include the costs of the appraisal, credit report, state and local taxes and recording fees. All of these costs can be added to the loan, but that could result in it exceeding the fair market value of the property being refinance in Miami Fort Lauderdale Florida d, reducing the benefit to you. VA Loan Refinance in miami

Know that closing costs for an IRRRL are lower than for a cash-out refinance in Miami Fort Lauderdale Florida. Although no lender is required to give you an IRRRL, if one does, neither an appraisal nor credit underwriting is required by the VA. If you have questions during the closing process that the lender can’t answer, the VA suggests that you contact it at the appropriate regional loan center. VA Loan Refinance in miami

The Bottom Line Miami Fort Lauderdale Florida

As complex as it sometimes sounds, the biggest advantages of refinancing a VA home loan are the ability to refinance in Miami Fort Lauderdale Florida up to 100% of the home’s value and the fact that you don’t have to pay mortgage insurance. Advantages are not reasons, of course. Those appear under the list of goals in step 1. If you define your goal, follow the steps outlined above, find a reputable lender and complete all required tasks, you will have made your way through the VA refinance in Miami Fort Lauderdale Florida jungle relatively unscathed. VA Loan Refinance in miami

Using Your VA Loan to Refinance in Miami Fort Lauderdale Florida

If you’re a homeowner, a VA Loan could provide a way for you to lower your interest rate and monthly payment. You can also, under specific circumstances, use the VA Loan to fund necessities such as eliminating debt, completing home improvements and other large-scale projects. Right now is an opportune time for those in the service to take advantage of the great rates offered by a VA Loan to refinance in Miami Fort Lauderdale Florida their home. VA Loan Refinance in miami

There are two distinct programs that will help you use your VA Loan to refinance in Miami Fort Lauderdale Florida and get a better rate. The first option is the VA Streamline Refinance in Miami Fort Lauderdale Florida, also known as a Rate Reduction Refinance in Miami Fort Lauderdale Florida Loan (IRRRL) and the second option is the VA Cash-Out Refinance in Miami Fort Lauderdale Florida Loan. Both are a great choice in helping you reach your goals.

If you choose the IRRRL loan option, you can use the money to refinance in Miami Fort Lauderdale Florida your existing VA Loan and get a lower interest rate, helping to reduce your monthly costs. These loans do not require much in the way of paperwork and very little, if any, cost out of pocket for you. If you are concerned about closing costs, you can typically add the amount into your overall loan amount and pay it off over time. It may also be possible to complete the Streamline Refinance in Miami Fort Lauderdale Florida process without an appraisal. VA Loan Refinance in miami

If you choose the Cash-Out option, you can capitalize on your home equity as cash, regardless of what kind of loan you already have in your home. This includes FHA, USDA or even traditional mortgage loans. As with any use of the VA Loan, veterans must be qualified in order to use this option.

Thanks to the current climate, right now is a good time to get the most out of a VA Loan. You’ll find that a VA Loan hosts numerous benefits and advantages when it comes to refinancing your home. VA Loan Refinance in miami

Am I Eligible for A Refinance in Miami Fort Lauderdale Florida VA Loan?

To be eligible for a VA Refinance in Miami Fort Lauderdale Florida Loan, the criteria you must meet is similar to that of the regular VA Loan. Generally, you can qualify if you meet one or more of these standards:

  • Served active duty longer than 90 consecutive days during a wartime period
  • Served 181 consecutive service days during peacetime
  • Served in the National Guard or Reserve for a minimum of 6 years
  • Hold an existing VA Loan

VA Streamline Refinance in Miami Fort Lauderdale Florida Loan

Make Things Easier with a VA Streamline Refinance in Miami Fort Lauderdale Florida Loan

If you currently have a VA mortgage loan and are a veteran or in active service, a new VA loan refinancing option could help lower your payment. A VA streamline refinances in Miami Fort Lauderdale Florida is a refinancing option for current VA mortgage holders that allow the borrower to lower their interest rate with minimal or no out-of-pocket costs.

A VA streamline refinance in Miami Fort Lauderdale Florida loan (IRRRL – Interest Rate Reduction Refinancing Loan) is an easy and efficient option for veterans and military personnel to begin saving immediately, but it is only available to veterans and active service personnel who used their VA eligibility when they initially purchased their home. VA Loan Refinance in miami

Obtain a VA refinancing quote.

Frequently Asked Questions about VA Streamline Refinance in Miami Fort Lauderdale Florida

Benefits of a VA streamline refinance in Miami Fort Lauderdale Florida:

  • The standard underwriting process is omitted – no need to send in bank statements, W2s, job verification, paychecks, etc.
  • You may skip as many as two monthly payments.
  • You may receive your past loan escrow account balance back from your previous lender.
  • You may finance energy efficient improvements into the loan. VA Loan Refinance in miami

What is a VA Streamline Refinance in Miami Fort Lauderdale Florida (IRRRL)?

An IRRRL is the VA’s Interest Rate Reduction Refinancing Loan program and is referred to as a VA Streamline Refinance in Miami Fort Lauderdale Florida. With this loan, you refinance in Miami Fort Lauderdale Florida your existing VA mortgage into a new VA loan with a lower interest rate. If you have an adjustable rate mortgage, you can replace it with a fixed rate loan. VA Loan Refinance in miami

Do I have to be eligible for a lower interest rate in order to qualify for a VA IRRRL?

Usually yes, unless you have an adjustable rate mortgage. In order to qualify for an IRRRL, the VA requires that, if you already have a fixed rate, you should only refinance in Miami Fort Lauderdale Florida to a lower rate. If you have an ARM (adjustable rate mortgage), you can refinance in Miami Fort Lauderdale Florida to a fixed rate, even if it does not lower your interest rate.

Why would the VA allow me to obtain a higher rate if I have an adjustable rate mortgage right now in Miami Fort Lauderdale Florida?

With adjustable rate mortgages, you may have a lower interest rate, as compared to a fixed-rate mortgage, for the first few years. After an initial period, your interest rate will adjust, which could result in higher payments than you would have had with a fixed-rate mortgage. The VA recognizes this and wants to encourage payment stability.

Must I use my current lender to refinance in Miami Fort Lauderdale Florida?

No. If you want a new lender, you may choose from many mortgage lenders on the VA-approved Lender List. Make sure that you shop around for your VA Streamline Refinance in Miami Fort Lauderdale Florida loan. By comparing several lenders, you will receive more offers, allowing you to choose the best loan terms for you and your family. Be careful of lenders who try to deceive you into thinking they are the only lender who can finance a VA Streamline Refinance in Miami Fort Lauderdale Florida loan. VA Loan Refinance in miami

What should I look for in a lender in Miami Fort Lauderdale Florida?

There is no shortage of brokers/banks that offer a VA Streamline Refinance in Miami Fort Lauderdale Florida loans. However, there is a wide range in quality. You should expect low bank costs and no origination fees. If you are asked to pay an origination fee, look for another lender.

Does the VA have any requirements for obtaining an IRRRL?

IRRRL’s require VA-to-VA refinancing. You must refinance in Miami Fort Lauderdale Florida an existing VA-backed loan into a new VA-backed loan to use this program. You cannot receive any cash at closing, and the loan amount can only increase slightly as a result of fees and closing costs being financed into the mortgage. However, with a low-cost lender, there should not be a problem obtaining a loan with low out-of-pocket costs.

Do I have to go through the credit check and appraisal process when refinancing?

The VA does not require a credit check and appraisal because they have already received this information when you purchased the house. However, lenders often require a credit check to verify that there are no new judgments or mortgage delinquencies which could result in disqualification for a VA streamline refinance in Miami Fort Lauderdale Florida.

Do I have to obtain another Certificate of Eligibility?

Since you already provided a Certificate of Eligibility when you bought the property, no additional proof is needed.

How can I refinance in Miami Fort Lauderdale Florida if I used my Certificate of Eligibility with my current loan?

As long as you are refinancing your VA-backed mortgage, you can use the IRRRL program to obtain more favorable loan terms.

What out-of-pocket expenses will I have when refinancing?

None. The VA allows all closing costs of refinancing to be financed into your new mortgage. Your lender may charge some minimal out-of-pocket fees, which should be clarified prior to closing.

What fees does the VA charge for a Streamline Refinance in Miami Fort Lauderdale Florida?

The VA charges a nominal funding fee, along with the amount of your new loan. There are no other VA fees. VA Loan Refinance in miami

I am exempt from paying the VA funding fee. Does this apply on an IRRRL?

Yes. As long as you are classified as at least 10% disabled, you should be exempt from any VA funding fees.

Can I include the cost of home improvements in my IRRRL?

You are allowed to include as much as $6,000 in your refinancing loan for the purpose of energy efficient home improvements. Any other home improvement is not eligible.

Can I take cash out with a VA streamline refinance in Miami Fort Lauderdale Florida?

No. An IRRRL from the VA is only for the purposes of receiving a better interest rate on your mortgage loan to save you cash over the life of the loan.

What is a VA Cash-Out Refinance in Miami Fort Lauderdale Florida Loan?

A VA Cash-Out Refinance in Miami Fort Lauderdale Florida Loan is the type of VA refinancing offered to veterans who want to borrow cash from the equity in their homes. You do not need to be refinancing an existing VA loan to use the VA Cash-Out Refinancing Program. VA Loan Refinance in miami

Can I convert from a conventional loan to a VA Loan?

Yes, eligible veterans who currently have a conventional loan can still look at refinancing into a VA loan. This is not the same as the VA Streamline Refinance in Miami Fort Lauderdale Florida mentioned earlier. If the circumstances are favorable, the borrower can use their VA eligibility to refinance in Miami Fort Lauderdale Florida.

If the borrower has an adjustable rate mortgage (ARM) or a high, fixed-interest rate, then refinancing can be worthwhile. The biggest hurdle in converting to a VA loan is the VA funding fee of 2.2% on this type of refinance in Miami Fort Lauderdale Florida. However, if the borrower is exempt from the VA funding fee, this can make refinancing more lucrative. VA Loan Refinance in miami

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